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IMPORT DOCUMENTATION. INTRODUCTION. Types of import. Freely importable items Licensed imports Canalized items Prohibited items. Terminology . Technical terminology used by importers: Ex-work Free on Rail (FOR)/Free on Truck (FOT) Free Alongside Ship (FAS) Free on Board (FOB)

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types of import
Types of import
  • Freely importable items
  • Licensed imports
  • Canalized items
  • Prohibited items
terminology
Terminology
  • Technical terminology used by importers:
  • Ex-work
  • Free on Rail (FOR)/Free on Truck (FOT)
  • Free Alongside Ship (FAS)
  • Free on Board (FOB)
  • Cost and Freight (C & F)
  • Cost Insurance Freight (CIF)
registration of importers
REGISTRATION OF IMPORTERS
  • To import or export in India, IEC Code is mandatory
  • An application for grant of IEC number from Regional Authority of Directorate General Foreign Trade.
  • IEC Code Online Application Form
  • Application Fee
  • Profile of Importer
requirements for iec code number
Requirements for IEC Code Number
  • PAN Number
  • Current Bank Account
  • Bankers Certificate
  • IEC Code Number Application Fee Rs 250.00
  • The physical application containing required documents should reach DGFT RLA concerned within 15 days of its online submission.
  • E-mail is not mandatory.
check list of documents for iec code
Check List of Documents for IEC Code
  • Covering Letter
  • Two copies of Aayaat Niryaat NF form
  • Part 1 & Part 4 to be filled by applicants.
  • Self certified copy of PAN issuing letter or PAN (Permanent Account Number) Card issued by Income Tax Authority.
  • Self addresses envelope with Rs.25/- postal stamp
documents to be submitted by importer
Documents to be submitted by Importer –
  • Invoice
  • Packing list
  • Bill of lading/ Delivery Order
  • GATT declaration.
  • Letter of credit
  • Certificate of Origin
  • Import license, etc.
proforma invoice
Proforma invoice
  • A Proforma invoice is a quote in an invoice format that may be required by the buyer to apply :
  • for an import license,
  • contract for pre-shipment inspection,
  • open a letter of credit or
  • arrange for transfer of hard currency. 
import license
IMPORT LICENSE
  • Importers must apply for an import license using the
  • exporter's pro-forma invoice.
  • Issued by the 'Office of Chief Controller of imports & exports
  • Validity of Import License
  • sample of Import License
  • Foreign Exchange Control Copy
  • Customs Copy
preshipment inspection
Preshipment inspection
  • It is the practice of employing specialized private companies to check shipment details
  • PSI helps to:
  • detect over-invoicing to prevent unjustified transfer of foreign exchange abroad;
  • determine the classification and valuation of goods; and
  • ensure the correct collection of import duties and taxes by Customs authorities
letter of credit
Letter of Credit
  • It is a term used for a letter issued by a bank on behalf of a client to pay a beneficiary the stated amount of money under specified conditions.
  • Parties of L/C:
  • Beneficiary
  • Issuing Bank
  • Confirming Bank
shipping documents
Shipping documents:
  • Commercial invoice:
  • A document prepared by the seller to inform the buyer how much he knows for the goods and services being supplied.
  • Packing list:
  • The packing list is an extension of the commercial invoice, as such it looks like a commercial invoice.
manufacturers certificate
Manufacturers certificate
  • CERTIFICATE OF ORIGIN
  • CERTIFICATE OF WEIGHT
  • CERTIFICATE OF QUALITY
  • CERTIFICATE OF INSPECTION
clearance documents
Clearance Documents
  • Air waybill
  • The air waybill is used for the air shipment which serves as:
  • documentary evidence of the conclusion of a contract of carriage
  • proof of receipt of the goods for shipment
  • an invoice for the freight
  • a certificate of insurance
  • guide to airline staff for the handling, dispatch and delivery of the consignment. .
bill of lading
BILL OF LADING
  • A bill of lading is used for the sea shipment.

It is:

  • A certificate of ownership to the goods. 
  • A contract
  • A formal, signed receipt
  • Clean bill of lading
import general manifest number
IMPORT GENERAL MANIFEST NUMBER
  • The shipping line has to give a detailed report of all the goods on board in a report known as "Import General Manifest“
  • Import manifest is required to be submitted before arrival of aircraft or vessel
  • Grant of Entry Inwards by Customs Officer
bill of entry
BILL OF ENTRY
  • It is a document certifying that the goods of specified description and value are entering into the country from abroad.
  • The Bill of entry-different copy meant for different purposes with different colour.
  • Bill of Entry for home consumption:
  • Bill of Entry for Warehouses
  • Bill of Entry for Ex-Bond Clearance
import declaration
IMPORT DECLARATION:
  • Importers must provide an Import Declaration in the prescribed bill of entry format, disclosing the value of the imported goods.
various octroi forms used
VARIOUS OCTROI FORMS USED
  • A-B /FORM'S
  • C & CC FORM
  • N – FORM
  • R-FORM
  • X-FORM
i mport risk
IMPORT RISK

Various types of risks:

  • Transport Risk –loss of goods during transportation.
  • Quality Risk –final quality of the products.
  • Delivery Risk –goods are not delivered on time.
  • Exchange Risk –the change in the value of currency.
slide22
Do’s
  • Open L/C only if the party has got sanction limit.
  • Import of restricted items as per procedure laid down in the Exim Policy.
  • Handover import documents only to drawee or his PA holder.
  • Allow payment for import by debit to customer’s account.
  • Allow payment for the bills beyond six months
  • Allow payment to local agents on commission basis. In case of overseas agent, allow commission as per FEMA guidelines.
  • Verify the imported items under the LC.
  • Verify whether the payment method is done as per FEMA guidelines or not.
dont s
Dont’s
  • Issue the Letter of Credit if the customer doesn’t have IEC number.
  • Open LC without proper transport documents.
  • Allow advance payment without proper documentation.
  • Forward the documents to third party without permission from the importer.
  • Import prohibited or restricted items without import license.
  • Allow direct remittance of import bills beyond the limit.
  • Open revolving LC without safety clause.